Wedbush Reaffirms Neutral Rating for Carvana (NYSE:CVNA)

Wedbush reaffirmed their neutral rating on shares of Carvana (NYSE:CVNA) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $120.00 price objective on the stock.

CVNA has been the subject of a number of other research reports. JMP Securities raised their price target on shares of Carvana from $135.00 to $150.00 and gave the stock a market outperform rating in a research report on Friday, June 7th. Wells Fargo & Company boosted their target price on shares of Carvana from $60.00 to $77.00 and gave the stock an equal weight rating in a research report on Thursday, May 2nd. William Blair reaffirmed an outperform rating on shares of Carvana in a research report on Thursday, May 2nd. Evercore ISI boosted their price objective on Carvana from $111.00 to $118.00 and gave the company an in-line rating in a report on Thursday, June 20th. Finally, Robert W. Baird increased their target price on Carvana from $65.00 to $110.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Carvana presently has a consensus rating of Hold and an average target price of $87.29.

Carvana Price Performance

Carvana stock opened at $128.60 on Wednesday. The firm’s fifty day moving average price is $107.74 and its 200 day moving average price is $78.19. The company has a market capitalization of $26.05 billion, a price-to-earnings ratio of 56.40 and a beta of 3.29. Carvana has a 12-month low of $23.43 and a 12-month high of $136.92.

Carvana (NYSE:CVNA) last announced its earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.35. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Analysts forecast that Carvana will post -0.75 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Thomas Taira sold 4,197 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total value of $347,679.48. Following the sale, the insider now directly owns 164,827 shares in the company, valued at approximately $13,654,268.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Thomas Taira sold 4,197 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.84, for a total transaction of $347,679.48. Following the transaction, the insider now directly owns 164,827 shares of the company’s stock, valued at $13,654,268.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $125.43, for a total transaction of $9,407,250.00. Following the completion of the sale, the insider now directly owns 2,917,500 shares of the company’s stock, valued at approximately $365,942,025. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,801,829 shares of company stock valued at $193,562,233. Insiders own 17.12% of the company’s stock.

Institutional Investors Weigh In On Carvana

A number of institutional investors have recently added to or reduced their stakes in the company. Cetera Advisors LLC acquired a new stake in shares of Carvana in the first quarter valued at $461,000. Cetera Investment Advisers lifted its holdings in Carvana by 171.7% in the 1st quarter. Cetera Investment Advisers now owns 20,862 shares of the company’s stock valued at $1,834,000 after acquiring an additional 13,185 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of Carvana during the 1st quarter valued at about $55,000. Tidal Investments LLC acquired a new position in shares of Carvana in the 1st quarter worth approximately $1,783,000. Finally, Motley Fool Asset Management LLC bought a new stake in shares of Carvana in the 1st quarter worth approximately $636,000. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Company Profile

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.